Housing sales down, new listings on the rise in Calgary: CREB
Real estate sales dipped and new listings increased in Calgary in August, easing the city away from the seller’s market conditions experienced throughout the spring.
Last month, Calgary saw 2,186 sales, marking a 19.5 per cent decrease year-over-year from August 2023, according to the Calgary Real Estate Board’s (CREB) August housing statistics.
The city had 3,536 new listings last month, a 13 per cent increase year-over-year.
“As expected, rising new home construction and gains in new listings are starting to support a better-supplied housing market,” said Ann-Marie Lurie, Chief Economist at CREB.
“This trend is expected to continue throughout the remainder of the year, but it’s important to note that supply levels remain low, especially for lower-priced properties. It will take time for supply levels to return to those that support more balanced conditions.”
The benchmark price of a home rose in every housing category, with the total residential price up to $601,800 – an increase of 6.3 per cent year-over-year.
By housing type, the benchmark prices are:
- Detached: $762,600 – +6.3 per cent year-over-year;
- Semi-detached: $681,200 – +9.6 per cent year-over-year;
- Row: $461,700 – +12.5 per cent year-over-year; and
- Apartment: $346,500 – +15.8 per cent year-over-year.
Over the course of 2024, the average benchmark price has increased by nine per cent.
“The sales declines were driven by homes priced below $600,000. Following stronger-than-expected gains earlier in the year, the pace of price growth is starting to slow,” CREB said.
The market now has 2.05 months of supply, a 70.6 per cent increase year-over-year.
CTVNews.ca Top Stories
BREAKING Air Canada, pilots reach tentative deal, averting work stoppage
Passengers with plans to fly on Canada's largest airline can breathe a sigh of relief after Air Canada said Sunday it has reached a tentative agreement with the union representing more than 5,200 of its pilots.
Liberals will let Conservatives hold non-confidence vote 'fairly soon', no intention of proroguing Parliament
The Liberals have no intention of using procedural tactics to delay the Conservatives' promised non-confidence motion, and they have no plans to prorogue Parliament to hold onto power, according to Government House Leader Karina Gould.
They came from Jamaica for work, now they're homeless and out thousands of dollars in lost wages
Abuse of Canada’s temporary foreign worker program has left a group of carpenters from Jamaica 'destitute' after an Ottawa company refused to pay them for nearly half a year of work.
Beef with your neighbour? Here are your rights in Canada, according to a lawyer
If you have beef with your neighbour and you feel it's gone too far, what should you do? A personal injury lawyer has some advice.
Liberal candidate in Montreal byelection says campaign is about her — not Trudeau
In the final stretch of a Montreal byelection campaign widely seen as a referendum on Prime Minister Justin Trudeau’s leadership, the Liberal candidate - Laura Palestini - wants people to focus on her — not her leader.
Queen Victoria's favourite Tuscan villa for sale for more than US$55 million
Once a favoured holiday destination for Queen Victoria, and reputedly described in one of the greatest works of Italian literature, the Villa Palmieri is steeped in history and could now be yours – if you have more than €50 million (US$55 million) lying around.
Montreal bars, restaurants react to Quebec bill to regulate merchant tipping requests
Quebec tabled a bill on Thursday that would regulate how merchants determine suggested tips, forcing businesses to calculate them based on the price before tax. Restaurant staff and management are divided on the policy.
The Israeli military says 3 hostages recovered months ago were likely killed in November airstrike
The Israeli military says there is a 'high probability' that three hostages found dead months ago were killed in an Israeli airstrike.
Andrew Scheer avoids answering if Conservatives will cancel dental care program
Conservative House Leader Andrew Scheer won't say whether his party will scale back or fully scrap Canada's federal dental care program, despite new data showing nearly 650,000 Canadians have used the plan.